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Volume 7 Issue 3 - September 2016

  • 1. Time and cost optimization techniques in construction project management

    Authors : Bhushan Tatar, Rahul Patil

    Pages : 230-237

    DOI : http://dx.doi.org/10.21172/1.73.532

    Keywords : TimeCostFloat

    Abstract :

    In the field of Construction, the important objective of every project is to complete the scope of work on time, within the budget and the quality. Time and cost trade off are the two important factors in every construction project which are crucial in achieving the project objectives. There is always a relationship between time and cost. Optimizing the time & cost is necessary in order to find out the optimum project duration corresponding to the minimum total cost and this can be achieved with the help of reducing the duration of critical activities in the network in order to minimize the overall project duration. Over the last several years, variety of methods for time and cost optimization was developed with the objective of minimizing the project cost and duration. However, existing methods ignored the effect of total float consumption resulting from decrease in duration with an increased in cost. Time & Cost trade off techniques result in reducing the available total float for non-critical activities and thus reduce the schedule flexibility. Hence there is a necessity to establish a new technique for a time cost trade off that can provide optimum time and cost value for a project taking into consideration the effect of total float consumption. In this study an attempt is made in establishing the nonlinear integer programming technique using what’s best solver which is applied to the practical project example related to construction of culvert in order to find out the optimum time and cost value. The hypothesis is that optimum schedule obtained will be at higher duration and cost but with lower risk. The results obtained are significant in comparison with deterministic CPM and allow the project incharge to exercise new tradeoffs between time, cost and overall flexibility. This results in improving the probability of achieving the objectives of project.

    Citing this Journal Article :

    Bhushan Tatar, Rahul Patil, "Time and cost optimization techniques in construction project management", Volume 7 Issue 3 - September 2016, 230-237

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